Scotiabank Increases MEG Energy (TSE:MEG) Price Target to C$9.50

MEG Energy (TSE:MEG) had its price target hoisted by Scotiabank from C$8.00 to C$9.50 in a report released on Wednesday, BayStreet.CA reports. Scotiabank’s price objective indicates a potential upside of 8.82% from the company’s previous close.

A number of other research firms also recently commented on MEG. Eight Capital lifted their price target on MEG Energy to C$9.00 and gave the stock a “na” rating in a research note on Wednesday, February 17th. BMO Capital Markets restated an “outperform” rating on shares of MEG Energy in a research note on Thursday, March 18th. Raymond James restated an “outperform” rating and issued a C$10.00 target price on shares of MEG Energy in a research note on Wednesday, May 5th. National Bankshares lifted their target price on MEG Energy from C$8.00 to C$11.00 and gave the company a “sector perform” rating in a research note on Thursday, April 15th. Finally, National Bank Financial boosted their price objective on MEG Energy to C$11.00 and gave the stock a “sector perform” rating in a research report on Thursday, April 15th. Eight analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. MEG Energy has an average rating of “Hold” and a consensus price target of C$8.14.

TSE:MEG opened at C$8.73 on Wednesday. The firm has a market capitalization of C$2.65 billion and a P/E ratio of -29.39. MEG Energy has a one year low of C$2.14 and a one year high of C$8.97. The stock has a 50-day moving average price of C$7.27. The company has a quick ratio of 0.77, a current ratio of 1.01 and a debt-to-equity ratio of 89.92.

MEG Energy (TSE:MEG) last posted its quarterly earnings results on Monday, May 3rd. The company reported C($0.06) EPS for the quarter. The company had revenue of C$914.00 million during the quarter, compared to analyst estimates of C$901.02 million. As a group, analysts expect that MEG Energy will post 1.11744 earnings per share for the current fiscal year.

In related news, Senior Officer Chi-Tak Yee sold 281,013 shares of the business’s stock in a transaction that occurred on Thursday, April 1st. The stock was sold at an average price of C$6.64, for a total transaction of C$1,865,504.80. Following the sale, the insider now owns 156,027 shares of the company’s stock, valued at C$1,035,785.24. Also, Director Robert Bruce Hodgins sold 17,834 shares of the business’s stock in a transaction that occurred on Thursday, April 1st. The stock was sold at an average price of C$6.64, for a total value of C$118,391.01. Following the sale, the director now directly owns 15,491 shares in the company, valued at approximately C$102,837.

MEG Energy Company Profile

MEG Energy Corp., an energy company, focuses on sustainable in situ thermal oil production in the southern Athabasca region of Alberta, Canada. The company owns a 100% interest in approximately 450 square miles of mineral leases. It is developing oil recovery projects that utilize steam-assisted gravity drainage extraction methods to improve the recovery of oil, as well as lower carbon emissions.

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Analyst Recommendations for MEG Energy (TSE:MEG)

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